Tanganyika Oil Company Ltd.
TSX VENTURE : TYK
OMX : TYKS

Tanganyika Oil Company Ltd.

March 04, 2008 10:05 ET

Tanganyika Announces CDN $75 Million (SEK 465 Million) Private Placement

CALGARY, ALBERTA--(Marketwire - March 4, 2008) - Tanganyika Oil Company Ltd. ("Tanganyika Oil" or "The Company") (TSX VENTURE:TYK)(OMX:TYKS) is pleased to announce that it has agreed to sell, on a non-brokered, private placement basis, up to an aggregate of 5 million common shares of the Company at a price of CDN $15 (SEK 93 at an exchange rate of 6.20) per share for gross proceeds of up to CDN $75.0 million (SEK 465 million). A finders fee of up to 4.0% may be payable on a portion of the private placement. Net proceeds of the private placement will be used towards development of the Company's oil and gas assets in Syria as well as for general corporate purposes. The shares issued pursuant to the private placement will be subject to a four month hold period. The private placement is subject to regulatory approval.

Tanganyika Oil Company Ltd. is a Canadian oil and gas company with production and exploration assets in Syria. Its shares are traded on the TSX Venture Exchange under the symbol TYK and its Swedish Depository Receipts trade on the OMX Nordic Exchange under the symbol "TYKS".

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Tanganyika Oil Company Ltd.
    Gary Guidry
    President and Chief Executive Officer
    (403) 716-4051
    (403) 261-1007 (FAX)
    Email: gary.guidry@tykoil.com
    or
    Tanganyika Oil Company Ltd.
    Ian Gibbs
    Chief Financial Officer
    (604) 689-7842
    (604) 689-4250 (FAX)
    Email: ian.gibbs@tykoil.com
    or
    Tanganyika Oil Company Ltd.
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)
    Email: sophias@namdo.com
    Website: www.tanganyikaoil.com